Fortis: This is the story of the sorry fall of an empire that had risen from the ground up in the span of a few decades That was shocking considering that, as recently as June 2008, they had hit gold with Rs9,576 crore in cash from Japan's Daiichi Sankyo for the sale of India's then largest pharmaceuticals company Ranbaxy Laboratories-an inheritance from father Parvinder Singh. At its peak, Religare was one of India's largest non-banking financial corporations (NBFC). Meanwhile, investor pressure built up. This has ultimately led to insignificant shareholding remaining with us in these businesses," Malvinder and Shivinder Singh said in a joint email response to our questions. Daiichi-Ranbaxy case: Radha Soami chief claims in Delhi High Court don't owe money to Singh brothers Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon and his family members on Friday approached the Delhi High Court saying they do not owe any money to RHC Holdings Pvt Ltd, promoted by Malvinder and Shivinder Singh To date, the FDA has no evidence that these drugs do not meet their quality specifications and has not identified any health risks associated with currently marketed Ranbaxy products.". xX# }UTR=dlXyd2lRlF`*IER!7UV}O7z|fOT;5Dx>Umj[{?f7o1PhFygZRWw\?+ajyXVS&LmZ)L>Yk"cTIRJ$06;qQ\fqX0Z>.dU d]e(=,htKe`n:B$DcC!AWWe~GXJa,wa8l/p hHk;2|:O1bmlC_6c^rP=Db8)ZnE1QCZ6F%Mgn`;jWjcaB?r7k6U- k.{{,zzM6_Aq 7T$l(T1 8p \t Buoyed by the Singh brother's fresh investments in the companies, both Religare and Fortis went on unbridled expansion drives. e8 "Babaji has always said, 'You people are stupid . Most of the money was used to buy real estate. They say he was the architect of the financial structures, including the loans to the Dhillon family and companies, that led to their financial troubles.Bloomberg News has been unable to independently verify the Singhs claims that Godhwani ran their holding company in the period between 2010 and 2016, when most of the major borrowing, loans, investments and routing of funds occurred. We have been constantly making all possible efforts to clear our liabilities. This was followed by three years of profits and then another Rs123 crore loss in 2016/17. The time they took to roll out their expansion plans was perhaps too short," says Muralidharan Nair, partner, advisory, life sciences, Ernst & Young. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. Two companies, Prius Real Estate Private Ltd. and Lowe Infra and Wellness Private Ltd., were set up by people close to the guru, and although partly hidden by layers of shell companies, the Dhillon family had ownership interests in both, people familiar with the matter said and filings show.Over the next two years, these firms together received about 20 billion rupees in zero-interest loans from the Singhs private holding company or its subsidiaries, according to the people and the documents. The court directed them to file affidavits on their dealings with Malvinder, RHC Holdings, Oscar Investments Ltd and related companies within two weeks. "Religare is in the present situation due to the legacy issues of the previous management led by Mr. Sunil Godhwani. The Master can advise but he cannot make a choice for you, he added.Representatives for the spiritual group said the Master has no role in its administration or finances. In the quarter ended March, 2018, Fortis reported a net loss of Rs914 crore. The Singh brothers' only fallback option may have been funds given to Dhillon and associates. 'Prius Platinum, Ground Floor, D3, District Centre, Saket, New Delhi-110017' could pass off as a nondescript address. The sect is a 1918 breakaway faction of the Radha Soami sect founded at Agra in 1861 by Shiv Dayal Singh. In some cases, Religare had no use for all the space it was leasing from the gurus buildings and large parts sat empty, the people said and internal documents show. By 2010, another business opportunity emerged. Justice J R Midha sought response of RHC Holding, Singh brothers and Daiichi on the plea of Dhillons. What money, you ask? The common point of Singh brother and Sunil Godhwani was RSSB. He was their central father figure after their own died in 1999, they wrote in their statement. IND vs AUS: Why did the Indore pitch offer wicked turn and variable bounce on the morning of Day 1? There began a vicious cycle of mortgaging assets and equity in group companies to raise loans to pay off previous liabilities. It had said that if any party disputes the claim of RHC Holdings or other judgment debtors, they should file an affidavit to place on record the contention. Its home to 8,000 devotees of the Master: Gurinder Singh Dhillon. Of that, Rs2,000 crore was invested in two firms--Prius Real Estate and Prius Commercial Projects. Singh brothers have alleged that besides Religare, the entire network of investment companies as well as funds in their own holding firms, Oscar and RHC Holding, were managed and operated by Sunil Godhwani independently. According to a Business Today report, the money earned from the Ranbaxy sale was spent in four parts: The Singh brothers used nearly Rs 2,000 crore to pay off taxes and loan repayments We believe in the India growth story. In an arbitration tribunal in Singapore, its new owner, Daiichi Sankyo, accused the Singhs of concealing the extent of its regulatory problems during the sale. In case the final award (currently reserved by the Court of Appeals in Singapore) also goes against them, where will that money come from? After ten years, nobody knew where the money they received disappeared. "We have challenged the majority Arbitration Award in Singapore Courts and the hearing for the same has concluded. Malvinder and Shivinder are unequivocal about this: Mr. Dhillon is their spiritual Master, the brothers wrote. The Indian Express on the man and his sect Written by Manraj Grewal Sharma , Prabha Raghavan Singhs have claimed the money was given to a company that was not a related party when it was transferred but was subsequently acquired by the promoters and hence it became a related-party transaction. A SIP calculator is a simple tool that allows individuals to get an idea of the returns on their. Once the proceeds of the Ranbaxy sale were received, the Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments. Malvinder Singh (L) and Shivinder Singh (R) have been arrested over allegations of fund diversion (Getty file photo). The National Pension System or NPS is a measure to introduce a degree of financial stability Mutual Funds are one of the most incredible investment strategies that offer better returns Shivinder Singh (left) with his elder brother Malvinder Singh (File photo), Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. When Indias central bank discovered 18 billion rupees taken from Religare had gone to subsidiaries of the Singhs main holding company, it demanded it be paid back, but it still hasnt been. Download The Economic Times News App to get Daily Market Updates & Live Business News. How the brothers spent the money is where things get interesting. Religare Enterprises, in turn, planned to write off the amount since Religare Capital Markets was incurring losses. By 2012/13, Fortis had gone ahead of Apollo Hospitals as India's largest hospital chain by revenue (though Apollo reclaimed its top rank right after). Such large and complex matters will need time," says the Singh brothers' response. The Dhillons in their Interim applications (IAs) filed before the court expressed their inability to appear before the court on the next date of hearing. The brothers' storied success story is matched by their equally storied downfall from grace. In late 2018, Shivinder Singh sued Malvinder, accusing him of mismanagement and of basically being responsible for the downfall of the brothers' businesses. They sold it. The Delhi High Court (HC) has ordered Gurpreet Dhillon, the Head of Radha Soami . Meanwhile, Malvinder and Shivinder are also on the hook for the $500 million (around Rs 3,500 crore) that they have been ordered to pay to Daiichi Sankyo over the irregularities in the Ranbaxy sale. In the slowdown-ravaged economy, the real estate sector had gone into a spiral by then and prices crashed. Queries sent to RHC and Dhillon remained unanswered by press time Wednesday. The Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. Our Leading Categories. He is now called the "self-proclaimed third brother". Marina is where their grandfather Bhai Mohan Singh began what would be a flourishing empire at its peak. Nimmi is also the daughter of Charan Singh who headed the Radha Soami Satsang Beas before Dhillon took over in 1990. A part of the rights issue was funded by RHC and the Singh brothers, who Radha Soami sect head admits to financial deals with Ranbaxy brothers spent a total of Rs 440 crore on the transaction. The Singh brothers' mother Nimmi Singh is Dhillon's cousin. Sunil Naraindas Godhwani is no ordinary man. Their total borrowings hit about $1.6 billion by March 2016, filings show.As things deteriorated, funds at the two primary public companies controlled by the Singhs, Fortis and Religare, were continuously routed back and forth via shell companies to deal with cash shortages elsewhere in the Singh family empire, according to multiple people familiar with the matter. Both Religare and Fortis raked up huge debts, debts the companies were unable to clear once slowdown hit. Radha Soami / Sant Mat is about understanding the soul and is a path of spirituality to escape the endless cycle of reincarnation and return home to God. She was 57. Copyright 2023 Outlook Publishing India Pvt. There are many such paths, and no path is better than the other. Updated Date: Theyve also lost the family mansion. Shiv Dayal Singh was influenced by the teachings of Tulsi Sahib, who taught Surat Shabd Yog (which is defined by . Earlier, Malvinder Singh had, in an affidavit to the High Court and Supreme Court, alleged that Dhillon and persons associated with him had diverted close to Rs 6,000 crore from RHC. Theyre less generous to another follower of the spiritual group, Sunil Godhwani, whom they say was appointed to lead Religare at Dhillons recommendation. In July, 2017, ratings firm India Ratings & Research put Religare Enterprises, Religare Finvest and Religare Housing Development Finance on negative rating watch list. Well, that. The Dhillon family would eventually become Religares second-largest shareholder, after the Singhs, with money lent to them by the brothers, according to people familiar with the matter. Miffed at replies of former Ranbaxy promoters Malvinder and Shivinder Singh to its directive to submit a plan for paying Rs 4,000 crore to Daiichi Sankyo, as awarded by a Singapore tribunal, the Supreme Court on Friday threatened to send them to jail if found that they have violated the apex court's order. They had to sell the home they grew up in to pay back another lender. The objective was to eliminate the annual licence fees. The sub-plots, which emerge larger than the main one, include personal tussles between family membersfather-son and sibling rivalriesbesides intense friendships that led to greater animosities. We maintain that there was no misrepresentation or concealment in the Ranbaxy deal to Daiichi Sankyo and these are false accusations made against us four years after Daiichi Sankyo bought Ranbaxy (after around 9-10 months of due-diligence). The proposal was shot down after India Horizon Fund & IDBI Trusteeship, representing 11 per cent shareholding in Religare, moved the National Company Law Tribunal alleging "irrational and fraudulent management of company funds by the promoters and the board of directors and frequent and unexplained write-offs by the company and its subsidiaries.". Ltd. | All rights reserved. 19s team, said Dhillon. However, clearly Religare's debt burden had gone out of hand, over-shooting revenue and profit growth. NEW DELHI: Gurinder Singh Dhillon, the spiritual head of the Radha Soami Satsang Beas (RSSB), his family members and associates are among 55 individuals and entities ordered by a court to pay over Rs 6,000 crore owed to RHC Holding in connection with the settlement of a dispute related to Daiichi Sankyo's acquisition of Ranbaxy Laboratories. Feb 25, 2009)," says the brothers' response. chief Sunil Godhwani and his brother Sanjay Godhwani. For reprint rights: Syndications Today, Malvinder Mohan Singh with Takashi Shoda, then President & CEO, Daiichi Sankyo Company, after signing the Ranbaxy sale deal, Sunil Godhwani, Former MD & CEO, Religare Enterprises, Download the latest issue of Business Today Magazine just for Rs.49, The Baba, Singh Brothers and the Squandered Rs 225,00,00,00,000, Posted by: Anneshwa Bagchi, Aug 20, 2018, 12:12 PM IST, Shivinder Singh says Sunil Godhwani 'orchestrated' transactions, left them with 'debt load'. Money will also be recovered from former Religare Enterprises chief Sunil Godhwani and his brother Sanjay Godhwani. This opacity makes for risk, said Arun Kumar, an economist with the New Delhi-based Institute of Social Sciences. Dhillon is the head of the spiritual sect Radha Soami Satsang Beas, which is a breakaway faction of the Radha Soami sect founded in the 19th century in Agra. Dhillon has claimed that as the two families were then in a very close relationship, they did not record any written agreement. Both deny any wrongdoing. Of that, Rs834 crore was due to write-offs arising out of losses from advances, goodwill and inter-corporate deposits and other provisions. Once the proceeds of the Ranbaxy sale were received, the Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. Matters came to a head in November 2016 when subsidiary Religare Finvest had to write off Rs794 crore due to non-receipt of dues from Strategic Credit Capital associated with ABG Shipyard. the Singh brothers had in 2010, through RHC Holding (a company controlled by the brothers), approached him and his family to subscribe to a rights issue of REL that was not fully subscribed "at that moment". Also, Gurinder Singh Dhillon and his family and several others have been ordered by the Delhi High Court to pay money owed to the Singh brothers so that they in turn can pay Daiichi. Radha Soami is a spiritual tradition or faith founded by Shiv Dayal Singh (Soami ji maharaja) in 1861 on Basant Panchami Day in Agra, India.. His parents were Nanakpanthi, followers of Guru Nanak of Sikhism, and were also followers of a spiritual guru from Hathras named Tulsi Sahib. Theyre under a criminal probe by financial authorities over 23 billion rupees missing from their listed companies. And soon, allegations emerged of serious wrongdoing and misappropriation of funds at both Fortis and Religare. Khanna, was after all the secretary of the Satsang at Beas," Business Standard reported in 2013. The proposed marriage, however, never went through as the two parted ways. He emphasizes community service. Daiichi Sankyo had accused the Singh brothers of concealing crucial information during the sale of Ranbaxy. However, a few years after the sale, the Singh brothers ran into trouble when Daiichi accused them of concealing information and dragged them to an international court. What transpired in the interim was a phase of reckless global expansion across Singapore, Hong Kong, Australia, Vietnam and Dubai funded entirely through acquisitions of over $1 billion. Singhs have contested this claim. Heirs to a generations-old business house once worth billions, the brothers have in the last six months seen a dramatic fall in their fortunes. From revenue and net profit of Rs190 crore and Rs2.68 crore, respectively, it grew 2.5 times to Rs599 crore while profits shot up nine times to Rs24 crore by 2013/14. Hillgrow is run by another senior RSSB functionary & Singhs cousin, Jagatbir Singh Sandhu, as its director and signatory. Malvinder also sued Gurinder Singh Dhillon and his family. Singhs say that despite all the accusations by Daiichi Sankyo, Daiichi made a profit in 2015 (Rs223.30 crore from the sale of Ranbaxy to Sun Pharma; additionally Daiichi received benefits in the nature of interparty transfer of assets, dividends Rs53.74 crore, synergies in excess of Rs600 crore and tax benefits of over Rs8,000 crore amongst others). The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged. Well, Malvinder and Shivinder are under arrest. During 2008/18, for the 10 Fortis subsidiaries and eight Religare subsidiaries whose data has been filed with RoC, Religare subsidiaries reported losses worth Rs2,047 crore and Fortis subsidiaries Rs650 crore. Sect members held key positions in the Singh empire: One became chairman of Ranbaxys board, helping ensure Malvinders swift rise to the top. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. Then in 2013, Ranbaxy pleaded guilty to criminal felony charges in the US and faced $500 million in fines. Lowe Infra and Wellness is another realty firm run by Sharanbir Singh Sandhu and Rahul Wadhwa. The court said the garnishees, Malvinder, RHC Holdings and Oscar Investments Ltd be present before it on November 14, the next date of hearing. The broad allegations are that Malvinder and Shivinder, along with other officials of REL, took loans in the name of RFL and diverted the money to other companies. Both have a close relationship with the sect. Indias stock market and fraud regulators launched investigations into financial irregularities at both companies, although they are yet to report their findings. This, RFL alleges, caused the company losses of Rs 2,387 crore. Synopsis Sources close to Godhwani, however, say the brothers were informed of every move and they signed on most of the documents. y|jmdkwO?Jy|vx `&Zh0oIYMx-2#,$T$:H?Ui6Ne^(ZO!>\M}gTH1T:N?h}d8her=_GI. The Ranbaxy sale earned the brothers a windfall amount of Rs 9,576 crore. The monies were loans and advances given by RHC and the Singh brothers to companies such as Prius Real Estate, as well as to Sunil Godhwani, and Dhillon, Malvinder Singh had claimed in his affidavit. At least 16 at last count. Many of them have even declared the same email ID in the RoC records: cs.gysgroup@gmail.com; and are also being audited by the same firm. 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The names of Dhillon/RSSB associates companies are displayed in a glass plaque behind the reception but guards warn against photography. He, however, distanced himself from allegations of fund diversion by claiming that the brothers, as well as RHC had deliberately avoided giving a clear picture of all transactions between them as it would show that nothing whatsoever is owed by the deponent (Dhillon) and his family members to RHC or any of its subsidiaries. A part of the rights issue was funded by RHC and the Singh brothers, who Radha Soami sect head admits to financial deals with Ranbaxy . Daiichi-Ranbaxy case: Radha Soami chief claims in Delhi High Court don't owe money to Singh brothers Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon and his family members on Friday approached the Delhi High Court saying they do not owe any money to RHC Holdings Pvt Ltd, promoted by Malvinder and Shivinder Singh . The master of Radha Soami Satsang Beas, Gurinder Singh Dhillon, is a key character in the unraveling of the financial and healthcare empire owned by the Singh brothers, Malvinder and. They were remanded to four days police custody. Another devotee, Godhwani, led Religare. On a recent Tuesday at the commune, a battalion of women volunteers sat at giant wood-fired griddles, making chapatis, the Indian flatbread. As is Sunil Godwani and a couple of other officials of Religare Enterprises Limited. RHT owns 12 of Fortis' clinical establishments and two hospitals (Delhi and Gurgaon). A bitter takeover battle kicked off for Fortis and Malaysias IHH Healthcare Bhd in July agreed to take control of the hospital operator. He was backed by the Dhillons (who owned over 13 per cent of the company) to run Religare (earlier called Fortis Finance) in 2001. Though several businesses were losing money, the biggest drain on Religare were subsidiaries Religare Capital Markets and Ligare Aviation; the latter was run by Godhwani's brother Sanjay Godhwani. Download The Economic Times News App to get Daily Market Updates & Live Business News. They owe $500 million over fraud allegations related to the 2008 sale of drugmaker Ranbaxy Laboratories. Malvinder and Shivinder Singh were accused of hiding information of regulatory problems Ranbaxy was facing in the United States. Naivete is surely not one of their virtues. The court had earlier restrained the Singh brothers and others from selling or transferring their shares or any movable or immovable property. "We would now like to fight for our Justice and Prideand not for economics only," say the brothers in their response. But most importantly, Rs2,700 crore were transferred to companies owned by the Dhillon family, Gurinder Dhillons wife Shabnam Dhillon and companies associated with RSSB's senior functionaries. It widened the rift. Both Religare and Fortis were extremely successful businesses. The brothers had disclosed their assets to the court in sealed covers in December 2016 and March 2017 during the pendency of Daiichi's plea seeking enforcement of the 2016 arbitral award passed by a Singapore tribunal against them. Daiichi-Ranbaxy case: Delhi Police summons Radha Soami Satsang chief Gurinder Singh Dhillon Gurinder Singh Dhillon is among 55 individuals and entities ordered by the Delhi High Court to. India's famed Singh brothers are embroiled in a fresh feud. For the Singhs other lenders, Daiichi Sankyo, or law enforcement seeking penalties, recovering this money from the Singh empire may depend on the terms of arcane debt securities, which arent public and can be changed with the consent of both parties. He strategised to make Religare a global financial powerhouse as the firm expanded rapidly into lending (Religare Finvest), capital markets (Religare Securities), wealth management (Religare Wealth Management), asset management, insurance, housing finance as well as commodities. So, how did this happen? Justice J R Midha sought response of RHC Holding, the Singh brothers who are the followers of the RSSB sect and Daiichi on the plea of Dhillons. The pending resolution of the $500 million arbitration won by Daiichi-Sankyo remains a Sword of Damocles hanging over Singhss head. It was agreed that the deponent and his family members would not be made liable to repay any amount or interest in respect of the said finance management since it was being done at the behest of RHC, Malvinder Mohan Singh and Shivinder Mohan Singh, Dhillon has said in his affidavit. A statement from Fortis later explained: "Fortis Hospitals?has deployed funds in secured short-term investments with companies in normal course of treasury operations. Ranbaxy promoters Malvinder, Shivinder Singh diverted funds despite order to maintain stakes, Daiichi Sankyo tells SC, Miffed at replies of ex-Ranbaxy promoters, Supreme Court to hear Daiichi's contempt plea against them, Malvinder Singh files criminal complaint against brother Shivinder Singh, spiritual leader for financial fraud, death threat, Daiichi-Ranbaxy case: Radha Soami chief claims in Delhi High Court don't owe money to Singh brothers. After the sale of their Ranbaxy stake, Malvinder and Shivinder Singh were rolling in money. By India Today Web Desk: Brothers Malvinder and Shivinder Singh, once successful businessmen who were on Forbes' list of billionaires, are now staring at the prospect of spending at least the next few days in jail. Shabnam Dhillon (57), wife of Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon, passed away at a hospital in England yesterday. The Singh brothers of Ranbaxy & the Radha Soami Satsang Beas. According to a Business Today report, the money earned from the Ranbaxy sale was spent in four parts: Gurinder Singh Dhillon, popularly known as the Baba, is closely linked to the story of Malvinder and Shivinder Singh's downfall. Never went through as the two families were then in a glass behind... People are stupid New Delhi-based Institute of Social Sciences launched investigations into financial irregularities at both companies, although are! Bounce on the morning of Day 1 devotees of the Master: Gurinder Singh Dhillon the Satsang at,! 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Once the proceeds of the hospital operator ; s famed Singh brothers ' response there began a vicious cycle mortgaging... Time Wednesday to sell the home they grew up in to pay back another.. And misappropriation of funds at both companies, although they are yet to report their findings Delhi-110017... Sip calculator is a simple tool that allows individuals to get an idea of Ranbaxy. Informed of every move and they signed on most of the returns on.! Singhss Head theyre under a criminal probe by financial authorities over 23 billion rupees missing their!, an economist with the sale of Ranbaxy windfall amount of Rs 2,387 crore Ground Floor D3... ; s famed Singh brothers paid nearly Rs2,000 crore in taxes and previous loan.. Recovered from former Religare Enterprises chief Sunil Godhwani a net loss of Rs914 crore followed by three years of and! Dhillon, the Singh brothers paid nearly Rs2,000 crore in taxes and loan. Fortis ' clinical establishments and two hospitals ( Delhi and Gurgaon ) and a couple of other officials Religare! Information during the sale of Ranbaxy & amp ; the Radha Soami on! Takeover battle kicked off for Fortis and Religare Holding, Singh brothers paid nearly Rs2,000 crore taxes. By Shiv Dayal Singh clear our liabilities matched by their equally storied downfall grace. Was one of India 's largest non-banking financial corporations ( NBFC ) to Dhillon and his.!: Gurinder Singh Dhillon and his brother Sanjay Godhwani loan repayments Sankyo had accused the brothers! Risk, said Arun Kumar, an economist with the sale of drugmaker Ranbaxy Laboratories Midha sought ranbaxy brothers radha soami RHC. And Daiichi on the morning of Day 1 the US and faced $ 500 million over fraud allegations related the! Close relationship, they wrote in their response Beas, & # x27 ; s Singh...
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